The World We Live in Today

So John Thain, former CEO of Merrill Lynch, told employees that he would repay Bank of America $1.2 million for the office overhaul. If you remember, Thain spent the company’s money on his lavish office digs, including $35,000 for a commode and $87,000 for a new rug.

He said the expenditure was “a mistake in light of the world we live in today.’‘ I just have a simple question, when was it EVER right? I know it was a different time with the seemingly endless good times, but it seems to me that CEOs should never spend their companies money on those expenses. Remember Dennis Kozlowski? What’s wrong with a nice desk/chair combo, a nice sofa and a table for the big CEO’s office?

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About David P. Willis

David P. Willis is a business writer at the Asbury Park Press and Press on Your Side columnist. Previously he covered technology, telecommunications, energy, retailing, and residential and commercial real estate. He grew up in Plainfield, but has lived in Monmouth County since he started working at the Press in 1995.

One Response to The World We Live in Today

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Michael DiamondMichael L. Diamond is a business writer at the Asbury Park Press, covering workforce and the economy. He worked at newspapers in Pennsylvania and California before joining the Press in 1999.E-mail Michael